Strong market breadth

Key benchmark indices were trading lower in early trade. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 6.82 points or 0.03% at 26,057.30. The Nifty 50 index was down 5.80 points or 0.07% at 7,974.10. The Sensex was trading above the psychologically important 26,000 mark.

The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month April 2016 series to May 2016 series. The near month April 2016 derivatives contract expire today, 28 April 2016.

The market breadth indicating the overall health of the market was strong. On BSE, 677 shares rose and 347 shares fell. A total of 54 shares were unchanged. The BSE Mid-Cap index was currently up 0.30%. The BSE Small-Cap index was currently up 0.18%. Both these indices outperformed the Sensex.

In overseas markets, Asian stocks were mixed. Investors across the Asia-Pacific region were waiting for results from the Bank of Japan's two-day policy meeting, which began yesterday, 27 April 2016. Speculation is rife that the Japanese central bank will announce further easing of monetary policy. The BOJ in January decided to begin charging 0.1% interest on some bank reserves parked with the institution, in a bid to kick-start the economy and pull it out of two decades of deflation.

US stocks closed mostly higher yesterday, 27 April 2016, but the gains were checked by weakness in the technology sector. Meanwhile, the Federal Reserve's two-day policy meeting concluded yesterday, 27 April 2016. The Fed's policy committee said it would leave interest rates unchanged, taking a wait-and-see stance on future rate increases. The Fed's signal that it was in no rush to raise rates relieved investors.

Bharti Airtel rose 2.25% to Rs 381.55. The company's consolidated net profit rose 2.78% to Rs 1290.30 crore on 8.43% rise in total income to Rs 24983.10 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 28 April 2016. Bharti Airtel's board of directors approved the proposal to buyback the shares on a proportionate basis through a tender offer. The buy back shall be up to an aggregate amount not exceeding Rs 1434 crore at a price of Rs 400 per share translating into approximately 3.58 crore shares, representing 0.9% of the total paid up equity share capital of the company, subject to the regulatory and other approvals, if any.

HCL Technologies was down 2.84% to Rs 813.95. The company's consolidated net profit rose 0.3% to Rs 1926 crore on 3.4% rise in revenue to Rs 10698 crore in Q3 March 2016 over Q2 December 2015. The result was announced before market hours today, 28 April 2016.

Adani Ports and Special Economic Zone (APSEZ) was down 0.17%. The company's said that it has incorporated a wholly owned subdiairy company Adani Petroleum Terminal (APTPL) in India, which is registered with Registrar of Companies, Gujarat at Ahmedabad on 26 April 2016. APTPL belongs to LPG and LNG sector and is yet to commence its business operations, APSEZ said. The cost of acquisition is Rs 5 lakh in cash, APSEZ said.

Oil India was up 0.96%. The company said that Fitch Ratings has reaffirmed the credit rating for the company as "BBB-" with stable outlook. The announcement was made after market hours yesterday, 27 April 2016.

Realty shares edged higher. D B Realty (up 5.36%), Peninsula Land (up 3.39%), Indiabulls Real Estate (up 2.46%), Godrej Properties (up 2.07%), Oberoi Realty (up 2.07%), Housing Development and Infrastructure (HDIL) (up 2.05%), DLF (up 0.69%), Sobha (up 0.67%), Anant Raj (up 0.56%), Unitech (up 0.40%) and Mahindra Lifespace Developers (up 0.22%), edged higher. Sunteck Realty (down 0.09%), Parsvnath Developers (down 0.52%), Phoenix Mills (down 0.56%) and Prestige Estates Projects (down 2.02%), edged lower.

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